EME · EMCOR Group
200 filings
EME 8-K Current Reports
EMCOR Group - 200 current reports
EME filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 77 current reports (8-K) between 2016 and 2026.
- 8-K · Feb 25, 2016
- 10-K · Feb 25, 2016
- 8-K · Mar 21, 2016
- 8-K · Apr 18, 2016
- 10-Q · Apr 28, 2016
- 8-K · Apr 28, 2016
- 8-K · Jun 2, 2016
- 8-K · Jul 28, 2016
- 10-Q · Jul 28, 2016
- 8-K · Aug 3, 2016
- 8-K · Oct 27, 2016
- 10-Q · Oct 27, 2016
- 8-K · Nov 23, 2016
- 8-K · Dec 20, 2016
- 8-K · Feb 23, 2017
- 10-K · Feb 23, 2017
- 8-K · Apr 27, 2017
- 10-Q · Apr 27, 2017
- 8-K · Jun 2, 2017
- 10-Q · Jul 27, 2017
- 8-K · Jul 27, 2017
- 8-K · Aug 3, 2017
- 8-K · Oct 25, 2017
- 8-K · Oct 26, 2017
- 10-Q · Oct 26, 2017
- 8-K · Feb 22, 2018
- 10-K · Feb 22, 2018
- 10-Q · Apr 26, 2018
- 8-K · Apr 26, 2018
- 8-K · Jun 1, 2018
- 10-Q · Jul 26, 2018
- 8-K · Jul 26, 2018
- 8-K · Oct 25, 2018
- 10-Q · Oct 25, 2018
- 8-K · Dec 14, 2018
- 10-K · Feb 21, 2019
- 8-K · Feb 21, 2019
- 10-Q · Apr 30, 2019
- 8-K · Apr 30, 2019
- 8-K · May 31, 2019
- 10-Q · Jul 30, 2019
- 8-K · Jul 30, 2019
- 8-K · Oct 4, 2019
- 10-Q · Oct 29, 2019
- 8-K · Oct 29, 2019
- 8-K · Nov 1, 2019
- 8-K · Feb 27, 2020
- 10-K · Feb 27, 2020
- 8-K · Mar 3, 2020
- 8-K · Apr 21, 2020
- 8-K · Apr 30, 2020
- 10-Q · Apr 30, 2020
- 8-K · Jun 12, 2020
- 8-K · Aug 3, 2020
- 10-Q · Aug 3, 2020
- 10-Q · Oct 29, 2020
- 8-K · Oct 29, 2020
- 8-K · Feb 24, 2021
- 8-K · Feb 25, 2021
- 10-K · Feb 25, 2021
- 10-Q · Apr 29, 2021
- 8-K · Apr 29, 2021
- 8-K · Jun 11, 2021
- 8-K · Jul 29, 2021
- 10-Q · Jul 29, 2021
- 10-Q · Oct 28, 2021
- 8-K · Oct 28, 2021
- 8-K · Feb 24, 2022
- 10-K · Feb 24, 2022
- 8-K · Apr 28, 2022
- 10-Q · Apr 28, 2022
- 8-K · Jun 3, 2022
- 8-K · Jul 28, 2022
- 10-Q · Jul 28, 2022
- 8-K · Oct 26, 2022
- 8-K · Oct 27, 2022
- 10-Q · Oct 27, 2022
- 8-K · Dec 15, 2022
- 8-K · Feb 23, 2023
- 10-K · Feb 23, 2023
- 10-Q · Apr 27, 2023
- 8-K · Apr 28, 2023
- 8-K · Jun 9, 2023
- 8-K · Jul 27, 2023
- 10-Q · Jul 27, 2023
- 10-Q · Oct 26, 2023
- 8-K · Oct 26, 2023
- 8-K · Dec 15, 2023
- 8-K · Dec 21, 2023
- 10-K · Feb 28, 2024
- 8-K · Feb 28, 2024
- 8-K · Apr 25, 2024
- 10-Q · Apr 25, 2024
- 8-K/A · May 9, 2024
- 8-K · Jun 10, 2024
- 10-Q · Jul 25, 2024
- 8-K · Jul 25, 2024
- 10-Q · Oct 31, 2024
- 8-K · Oct 31, 2024
- 8-K · Dec 19, 2024
- 8-K · Feb 3, 2025
- 8-K · Feb 26, 2025
- 10-K · Feb 26, 2025
- 8-K · Apr 30, 2025
- 10-Q · Apr 30, 2025
- 8-K · Jun 5, 2025
- 8-K · Jul 31, 2025
- 10-Q · Jul 31, 2025
- 8-K · Oct 29, 2025
- 8-K · Oct 30, 2025
- 10-Q · Oct 30, 2025
- 10-K · Feb 26, 2026
- 8-K · Feb 26, 2026
- 10-Q · Apr 29, 2026
- 8-K · Apr 29, 2026
- 8-K · Jun 4, 2026
- 10-Q · Jul 30, 2026
- 8-K · Jul 30, 2026
- 8-K · Jul 31, 2026
- 10-Q · Oct 29, 2026
- 8-K · Oct 29, 2026
EMCOR Group 8-K Report, Financial Results (Oct 29, 2026)
EMCOR Group, Inc. has reported exceptionally strong results for its fiscal 2026 third quarter, driven by a significant increase in revenues and improved operating margins. Revenues surged by 28.8% year-over-year to a quarterly record of $5.54 billion, with organic growth also demonstrating robust performance. This top-line expansion, coupled with effective cost management and enhanced SG&A leverage, led to a substantial increase in profitability. Key financial metrics showcase this growth, with diluted Earnings Per Share (EPS) rising by 37.6% to $9.04 and Non-GAAP Diluted EPS increasing by 46.1% to $9.60. The company also reported a record backlog of $18.57 billion in Remaining Performance Obligations (RPOs), up 47.2% year-over-year, indicating strong future revenue visibility across various sectors, particularly in Network and Communications, Healthcare, and Manufacturing. Based on this momentum, EMCOR has raised its full-year 2026 guidance for both revenue and Non-GAAP Diluted EPS, reflecting management's confidence in continued strong performance. Additionally, the company announced a $500 million increase to its share repurchase program, signaling a commitment to returning capital to shareholders.
EMCOR Group 8-K Report, Mine Safety Disclosure (Jul 31, 2026)
EMCOR Group, Inc. (EME) is reporting an operational event concerning its wholly-owned, indirect subsidiary, MOR PPM, Inc. On July 28, 2026, MOR PPM received an imminent danger order from the Mine Safety and Health Administration (MSHA) related to its Sivells Bend mine in Texas. The order was issued following an observation by an MSHA inspector of a worker performing welding at a significant height, supported by a forklift, which was deemed an unsafe practice. Importantly, no injuries were reported in connection with this incident. While the order signifies a regulatory action and potential operational disruption at the Sivells Bend mine, the lack of injuries is a positive aspect for the company. Investors should monitor any further developments from MSHA and EMCOR regarding corrective actions and the resolution of this imminent danger order, as it could potentially impact the operational status or expenses at the affected mine.
EMCOR Group 8-K Report, Financial Results (Jul 30, 2026)
EMCOR Group (NYSE: EME) reported a strong fiscal 2026 second quarter ended June 30, 2026, with record quarterly revenues of $5.15 billion, up 19.8% year-over-year (organic growth of 19.6% after adjusting for acquisitions and the sale of its UK operations). Operating income rose to $547.3 million, a record second-quarter operating margin of 10.6% versus 9.6% a year ago, and diluted EPS reached $9.06, up 34.8%. Remaining performance obligations (RPOs) hit a record $17.14 billion, up 43.9% year-over-year, providing substantial revenue visibility. Growth was broad-based across the U.S. electrical, mechanical, building services, and industrial segments, with the largest RPO gains in Network and Communications, Water and Wastewater, Institutional, and Healthcare. Management raised full-year 2026 guidance meaningfully: revenues to $20.00–$20.50 billion (from $18.50–$19.25 billion), operating margin to 9.5%–9.8% (from 9.0%–9.4%), and diluted EPS to $32.00–$33.25 (from $28.25–$29.75). The guidance raise reflects year-to-date momentum and visibility into the second half, and management emphasized pricing discipline and selective project selection. Balance sheet and cash flow show a more mixed picture. Operating cash flow for the first half was $289.9 million, down from $302.2 million, as working capital consumed $525.9 million, driven largely by a $0.9 billion increase in accounts receivable and a $0.3 billion rise in contract liabilities. Cash fell to $924.4 million from $1.11 billion at year-end, reflecting $268.5 million in buybacks, $94.2 million of acquisition payments, and $35.6 million in dividends. Quarterly dividends were increased to $0.40 per share from $0.25 a year earlier.
EMCOR Group 8-K Report, Shareholder Vote Results (Jun 4, 2026)
EMCOR Group, Inc. (EME) filed an 8-K on June 4, 2026, reporting the outcomes of its 2026 Annual Meeting of Stockholders. The primary focus of this filing is the voting results on three key proposals presented to shareholders. All incumbent directors standing for election were overwhelmingly re-elected, indicating strong shareholder confidence in the current board leadership. Additionally, the compensation of the company's named executive officers was approved on a non-binding advisory basis, and the appointment of Ernst & Young LLP as the independent auditor for 2026 was ratified with substantial support.
EMCOR Group 8-K Report, Financial Results (Apr 29, 2026)
EMCOR Group (NYSE: EME) reported record first-quarter 2026 results on April 29, 2026, with revenues of $4.63 billion, up 19.7% year-over-year (16.8% organic). Diluted EPS was $6.84, up 30.0% from $5.26 in the prior-year quarter, which included Miller Electric acquisition transaction costs (non-GAAP Q1 2025 diluted EPS was $5.41, so underlying growth is roughly 26%). Operating margin expanded to 8.7% from 8.2% GAAP (8.5% non-GAAP), and SG&A fell to 9.9% of revenue from 10.4%, indicating operating leverage. Net income was $305.5 million. The most notable forward-looking signal is backlog: remaining performance obligations reached a record $15.62 billion, up 32.9% year-over-year and up roughly $2.4 billion from December 31, 2025, with growth led by Network and Communications, Water and Wastewater, Institutional, and Healthcare. Management raised full-year 2026 revenue guidance to $18.50–$19.25 billion (from $17.75–$18.50 billion) and diluted EPS guidance to $28.25–$29.75 (from $27.25–$29.25), while holding operating margin guidance at 9.0%–9.4%. Investors should note some balance-sheet and cash-flow considerations. Operating cash flow was essentially breakeven at $0.6 million versus $108.5 million a year earlier, driven by a $354.8 million working capital outflow, including a rise in receivables to $4.55 billion. Cash fell to $916.4 million, though the company paid higher dividends ($0.40 declared per share versus $0.25) and repurchased $87.1 million of stock. The filing is furnished rather than filed under Item 2.02, so the press release is not subject to Section 18 liability unless specifically incorporated by reference.
EMCOR Group 8-K Report, Financial Results (Feb 26, 2026)
EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2025 results on February 26, 2026. Q4 revenue rose 19.7% to $4.51 billion (9.5% organic), and full-year revenue rose 16.6% to $16.99 billion (7.9% organic). GAAP diluted EPS was $9.68 for Q4 and $28.19 for the year, but these figures include a $144.9 million pre-tax gain on the sale of the company's United Kingdom operations. Excluding that gain and related transaction expenses, non-GAAP diluted EPS was $7.19 for Q4 and $25.87 for the year, compared with $6.32 and $21.52 in the prior-year periods on a GAAP basis. Investors should focus on the non-GAAP figures when comparing underlying performance, since the GAAP EPS growth is inflated by the one-time divestiture gain. Underlying operating performance was strong. Full-year non-GAAP operating margin was 9.4% versus 9.2% in 2024, and Q4 non-GAAP operating margin was 9.7%, down from 10.3% a year earlier, largely due to a higher mix of lower-margin activity and a sharp increase in corporate administration expense. Remaining performance obligations (RPOs) reached a record $13.25 billion, up 31.2% year-over-year, providing strong forward visibility. Growth was driven by the Electrical and Mechanical Construction segments, while Industrial Services margins declined. Acquisitions, including Miller Electric, contributed significantly to revenue growth, with acquisitions accounting for roughly 8.7 points of full-year growth. Management guided 2026 revenue to $17.75 billion to $18.50 billion, operating margin to 9.0% to 9.4%, and diluted EPS to $27.25 to $29.25. The guidance implies continued top-line growth, but the midpoint EPS is roughly in line with 2025 GAAP EPS and above 2025 non-GAAP EPS, and the margin range sits at or slightly below 2025 non-GAAP margin. Cash generation was solid, with operating cash flow of $1.30 billion, though it declined from $1.41 billion in 2024, and the company spent $1.02 billion on acquisitions and $586 million on share repurchases during the year.
EMCOR Group 8-K Report, Financial Results (Oct 30, 2025)
EMCOR Group (NYSE: EME) reported fiscal Q3 2025 results on October 30, 2025 that were strong on the top line and margins. Revenue rose 16.4% year-over-year to a record $4.30 billion, operating margin was 9.4% (versus 9.8% a year earlier), and diluted EPS grew 13.3% to a record $6.57. Remaining performance obligations (RPOs) reached a record $12.61 billion, up nearly 29% year-over-year, which provides strong visibility into future revenue. Growth was led by the Electrical and Mechanical segments, while the U.S. industrial services segment margin compressed sharply to 2.2%. For the first nine months, revenue grew 15.5% to $12.47 billion and GAAP diluted EPS was $18.53, or $18.68 excluding Miller Electric transaction costs. Organic revenue growth was 8.1% in the quarter and 7.3% year-to-date, so acquisitions (notably Miller Electric, closed in Q1 2025) contributed a significant share of growth. Cash flow was weaker: operating cash flow was $778 million year-to-date versus $938 million a year earlier, and roughly $900 million was spent on acquisitions, which pushed cash down to about $655 million from $1.34 billion at year-end 2024. Management narrowed full-year 2025 guidance to revenue of $16.7–$16.8 billion (from $16.4–$16.9 billion), a non-GAAP operating margin of 9.2%–9.4%, and non-GAAP diluted EPS of $25.00–$25.75 (low end raised from $24.50). The guidance reflects the pending sale of the U.K. Building Services business in Q4. Investors should weigh the strong backlog and earnings growth against the lower cash balance, higher working capital needs, and the execution risk tied to large, complex projects.
EMCOR Group 8-K Report, Executive Changes (Oct 29, 2025)
EMCOR Group, Inc. (NYSE: EME) filed an 8-K on October 29, 2025 to disclose the election of Pat Roche to its Board of Directors, effective October 27, 2025. Roche, 62, is President and CEO of Moog Inc. (NYSE: MOG.A, MOG.B) and also sits on Moog's board, bringing industrial sector and operational leadership experience to EMCOR's board. The filing is governance-focused and contains no financial results, guidance, or material operational updates. Under the Company's Director Award Program, Roche received a prorated grant of 158 restricted stock units valued at approximately $119,266 based on the closing share price on the effective date. He will be compensated under the Company's standard non-employee director policy described in its 2025 proxy statement, and he and EMCOR entered into a standard indemnification agreement (Exhibit 10.1). These terms are routine and consistent with typical director onboarding. For investors, the appointment is a modest board addition with limited immediate financial impact. The main considerations are whether Roche's industrial and engineering background adds useful oversight for EMCOR's mechanical and electrical construction, industrial, and energy infrastructure businesses, and whether his Moog role creates any time-commitment or conflict questions, none of which the filing addresses.
EMCOR Group 8-K Report, Financial Results (Jul 31, 2025)
EMCOR Group reported record second-quarter 2025 results, with revenue of $4.30 billion, up 17.4% year over year, and diluted EPS of $6.72, up 28.0%. Operating margin was 9.6% versus 9.1% a year earlier. Electrical Construction drove much of the growth, with segment revenue up 67.5% to $1.34 billion and an 11.8% operating margin. Mechanical Construction posted a record 13.6% margin. Remaining performance obligations reached a record $11.91 billion, up 32.4%, which gives good visibility into future revenue. Growth was supported in part by the Miller Electric acquisition, which closed in Q1 2025. Organic revenue growth was 8.4% for the quarter. Management raised full-year 2025 guidance. Revenue is now expected at $16.4 to $16.9 billion, with the low end raised from $16.1 billion. Operating margin guidance rose to 9.0% to 9.4% from 8.5% to 9.2%. Non-GAAP diluted EPS guidance increased to $24.50 to $25.75 from $22.65 to $24.00, excluding acquisition-related transaction costs. The filing also shows some balance sheet and cash flow pressure. Cash fell to $486 million from $1.34 billion at year-end 2024, reflecting $887 million of acquisition payments and $432 million of share repurchases in the first half. Operating cash flow dropped to $302 million from $412 million, mainly due to working capital build, and the company drew $250 million on its revolver. Industrial Services was a weak spot, with Q2 operating income slightly negative and revenue down about 13% year over year, and RPOs in High-Tech Manufacturing declined.
EMCOR Group 8-K Report, Executive Changes (Jun 5, 2025)
EMCOR Group, Inc. (EME) filed an 8-K on June 5, 2025, detailing the outcomes of its 2025 Annual Meeting of Stockholders. The most significant information for investors concerns the approval of the First Amendment to the Amended & Restated 2010 Incentive Plan. This amendment extends the plan's term by five years, to June 5, 2030, without increasing the number of shares available for grant. This extension is crucial for the company's ability to retain and incentivize key personnel, which is a positive indicator for long-term operational stability and growth. Additionally, the meeting saw the re-election of all nine incumbent directors, indicating strong shareholder confidence in the current board's leadership. The compensation of named executive officers was also approved on a non-binding advisory basis, and Ernst & Young LLP was ratified as the company's independent auditor for 2025. These outcomes generally suggest continuity and a stable governance structure, which are favorable for investors.
EMCOR Group 8-K Report, Financial Results (Apr 30, 2025)
EMCOR Group (NYSE: EME) reported a strong first quarter 2025, with record revenues of $3.87 billion, up 12.7% year-over-year, and GAAP diluted EPS of $5.26 (non-GAAP $5.41, excluding $9.4 million of Miller Electric acquisition transaction costs). Operating income rose 22.6% to $318.8 million (8.2% margin; 8.5% non-GAAP). Growth was led by the U.S. Electrical Construction segment, where revenue rose 42.3% and operating margin reached 12.5%, aided by the Miller Electric acquisition, which contributed $183 million of revenue during the quarter. Organic revenue growth was a more modest 5.4%. Remaining performance obligations (RPOs) reached a record $11.75 billion, up 28.1% year-over-year, including $1.0 billion from Miller Electric. The quarter also showed some pressure points. U.S. Industrial Services operating margin fell to 1.9% from 5.1% due to a slow start to the turnaround season, and U.S. Building Services margin improved only modestly. Operating cash flow was $108.5 million, down from $132.3 million, and cash fell sharply to $576.7 million from $1.34 billion at year-end because of the $850.6 million acquisition outlay and $224.8 million in share repurchases. The company also drew $250 million on its revolving credit facility. Management reaffirmed 2025 revenue guidance of $16.1–$16.9 billion and maintained the 8.5%–9.2% operating margin range. It narrowed non-GAAP diluted EPS guidance to $22.65–$24.00 from $22.25–$24.00, citing its view of tariffs and other macroeconomic factors. For investors, the key takeaways are strong top-line momentum and a record backlog, offset by a leveraged balance sheet following the Miller Electric deal, weaker industrial services performance, and a cautious macro outlook that management described as dynamic and uncertain.
EMCOR Group 8-K Report, Financial Results (Feb 26, 2025)
EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2024 results, with Q4 revenues of $3.77 billion (up 9.6% year-over-year) and full-year revenues of $14.57 billion (up 15.8%, or 13.8% organic). Q4 diluted EPS was $6.32 versus $4.47 a year earlier, and full-year diluted EPS was $21.52 versus $13.31 (flat on a non-GAAP basis, as 2023 included a minor $2.4 million impairment). Full-year operating income rose 53.6% to $1.34 billion, a 9.2% operating margin, up from 7.0%. Growth was led by U.S. Electrical Construction (revenue up 20.1%, 13.4% margin, driven by data centers) and U.S. Mechanical Construction (revenue up 26.2%, mostly organic, 12.5% margin). U.S. Building Services was roughly flat and U.K. Building Services earned a 5.0% margin. Remaining performance obligations (backlog) reached a record $10.10 billion, up 14.2% year-over-year, which management cites as solid visibility into 2025. Full-year 2025 guidance calls for revenues of $16.1 to $16.9 billion, operating margins of 8.5% to 9.2%, and diluted EPS of $22.25 to $24.00. Operating cash flow was $1.41 billion in 2024, versus $900 million in 2023. The company also authorized an additional $500 million for share repurchases and completed the Miller Electric Company acquisition on February 3, 2025. For investors, the key takeaways are strong demand in data center, high-tech, and industrial end markets, and a large backlog supporting growth. The 2025 guidance implies revenue growth of roughly 11% to 16% at the midpoint, but the margin guidance range is at or below 2024 levels, so investors will want to watch for margin pressure from project mix, labor scarcity, tariffs, and the weaker U.S. Building Services and U.K. businesses.
EMCOR Group 8-K Report, Acquisition Completed (Feb 3, 2025)
On February 3, 2025, EMCOR Group (NYSE: EME) completed its acquisition of Miller Electric Company, a Jacksonville, Florida-based electrical contractor serving high-growth areas across the Southeastern U.S., for $865 million in cash, subject to customary adjustments. The transaction was funded from cash on hand, and Miller Electric became a wholly-owned subsidiary. The filing discloses the purchase price and the stock purchase agreement dated January 13, 2025, with the sellers being the Miller Electric ESOP trust and several Brown and Walden family trusts. According to the company, Miller Electric is expected to generate approximately $805 million in revenue and approximately $80 million in Adjusted EBITDA in calendar 2024. Management expects the deal to be modestly accretive to EPS in 2025, with further accretion in later years. The acquisition will be integrated into the Electrical Construction Services segment under Dan Fitzgibbons, and Miller's leadership team will remain in place. Management plans to discuss the deal in detail on its Q4 and full-year 2024 earnings call on February 26, 2025. For investors, the key considerations are the size of the purchase relative to EMCOR's balance sheet (the cash outlay reduces liquidity, though the filing does not disclose post-deal leverage), the implied valuation of roughly 10.8x trailing Adjusted EBITDA, and whether management can deliver the projected accretion and integrate the business. The Form 8-K itself provides limited detail on purchase accounting, financing, or synergies, so the February 26 earnings commentary will be the primary source for those.
EMCOR Group 8-K Report, Executive Changes (Dec 19, 2024)
EMCOR Group, Inc. (NYSE: EME) filed an 8-K on December 19, 2024 to report the election of Amy E. Dahl to its Board of Directors, effective December 18, 2024. The filing is a governance update rather than a financial disclosure: it contains no earnings, guidance, or balance sheet information, and the filing itself does not indicate any change in the company's operating outlook or capital position. Dahl, 50, currently serves as Vice President, International Business & Strategy at The Toro Company (NYSE: TTC), where she oversees an international division spanning more than 125 countries. Her background includes roles as Toro's General Counsel and Corporate Secretary, Vice President of Human Resources, and Managing Director of Corporate Communications and Investor Relations, along with earlier securities and corporate governance law practice at Norton Rose Fulbright and Lathrop GPM. CEO Anthony J. Guzzi cited her experience in operations, M&A, legal compliance, and human resources as valuable as EMCOR continues its strategic growth. From a compensation standpoint, Dahl received 193 prorated restricted stock units under the Company's Director Award Program, valued at approximately $89,633.06 based on the closing price on the effective date. She will be compensated under the standard non-employee director policy and has entered into the Company's standard indemnification agreement. For investors, the appointment is a routine board addition with modest financial impact, though it may be viewed as a signal of added operational and governance expertise.
EMCOR Group 8-K Report, Financial Results (Oct 31, 2024)
EMCOR Group (NYSE: EME) reported record fiscal Q3 2024 results on October 31, 2024. Revenue rose 15.3% year-over-year to $3.70 billion, and GAAP diluted EPS reached a record $5.80, up 62.5% from $3.57 in Q3 2023 (which included a small $2.4 million impairment; non-GAAP EPS was $3.61, so underlying growth was about 61%). Operating income was $363.5 million, a 9.8% margin versus 7.4% non-GAAP a year earlier. Remaining performance obligations hit a record $9.79 billion, up 13.4%, giving good visibility into future revenue. Growth was led by the Mechanical Construction segment (revenue up about 25%, 12.9% segment margin) and the Electrical Construction segment (revenue up about 21%, 14.1% margin), driven by data centers, semiconductor plants, and other high-tech and institutional work. Management raised full-year 2024 diluted EPS guidance to $20.50-$21.00 from $19.00-$20.00, and narrowed revenue guidance to at least $14.5 billion, the low end of the prior $14.5-$15.0 billion range. The revenue change is effectively a lowering of the top end, while the EPS raise is a clear positive signal. Year-to-date, operating cash flow was a record $938.4 million, and the company returned capital through $405.4 million of share repurchases and $31.9 million of dividends. Cash rose to $1.04 billion, though total current liabilities also increased, and the balance sheet remains liquid. The main watch items for investors are the lower revenue guidance ceiling, rising working capital needs (accounts receivable up about $306 million since year-end), and exposure to concentrated end markets such as data centers. Industrial Services and U.K. Building Services remain weaker, with U.K. revenue down about 4% year-over-year. This filing is an earnings release furnished under Item 2.02, so its content is not treated as filed under Section 18 of the Exchange Act.
EMCOR Group 8-K Report, Financial Results (Jul 25, 2024)
EMCOR Group (NYSE: EME) reported record second-quarter 2024 results, with revenues of $3.67 billion, up 20.4% year-over-year, and diluted EPS of $5.25, up 78.0% from $2.95. Operating income rose to $332.8 million, or 9.1% of revenues, versus 6.5% a year earlier, and the company's income tax rate was 27.0%. Remaining performance obligations (RPO) reached a near-record $9.0 billion, up 8.6% year-over-year, which supports visibility into future revenue. Organic revenue growth was 17.7% for the quarter, so acquisitions contributed only about 2.7 points of the 20.4% headline growth. The Mechanical Construction segment was the main driver, with U.S. mechanical revenue up roughly 39% to $1.66 billion and a record 12.9% segment operating margin. The Electrical Construction segment grew about 18% with an 11.1% margin. U.S. Building Services and UK Building Services were roughly flat in revenue, and the Industrial Services segment showed improving demand. Cash flow from operations for the first half was $412 million, up from $215 million, though working capital absorbed cash and first-half acquisitions cost $173 million. Management raised full-year 2024 guidance: revenue to $14.5–$15.0 billion (from $14.0–$14.5 billion) and diluted EPS to $19.00–$20.00 (from $15.50–$16.50). Investors should note that the release is furnished under Item 2.02 and not filed, and that the forward-looking statements carry standard risks, including labor tightness, project execution, supply chain, and interest rates.
EMCOR Group 8-K Report, Shareholder Vote Results (Jun 10, 2024)
EMCOR Group, Inc. (EME) has filed an 8-K report detailing the results of its 2024 Annual Meeting of Stockholders held on June 6, 2024. The primary focus of this filing is the outcome of three key shareholder votes. All incumbent directors standing for election were re-elected, indicating continued shareholder confidence in the board's leadership and strategic direction. The compensation of named executive officers was also approved on a non-binding advisory basis, signaling shareholder support for the company's executive pay structure. Furthermore, the appointment of Ernst & Young LLP as the company's independent auditor for 2024 was ratified by shareholders. This decision underscores the market's trust in the company's financial reporting and oversight. Overall, the voting outcomes suggest a stable and supportive shareholder base for EMCOR Group's current governance and financial practices.
EMCOR Group 8-K/A Report, Executive Changes (May 9, 2024)
EMCOR Group, Inc. (EME) has filed an 8-K detailing significant employment agreements for its Senior Vice President, Chief Financial Officer, and Chief Accounting Officer, Jason R. Nalbandian, executed on May 8, 2024. These agreements, a Continuity Agreement and a Severance Agreement, are designed to provide financial security and incentives to Mr. Nalbandian under specific circumstances, primarily related to a change of control or termination of employment. The Continuity Agreement offers enhanced protections in the event of a change of control, ensuring Mr. Nalbandian's employment continues for two years with at least his current salary, responsibilities, and bonus opportunities. It also outlines substantial severance payments, including a lump sum equal to three times his base salary and bonus payments, if his employment is terminated without cause or if he resigns for good reason within two years following a change of control. The Severance Agreement provides additional, though generally less extensive, severance benefits if Mr. Nalbandian's employment is terminated by the Company without cause or by him for good reason, outside of a change of control scenario. Investors should note these agreements aim to retain key executive talent by providing clear compensation and severance structures during potential transition periods.
EMCOR Group 8-K Report, Financial Results (Apr 25, 2024)
EMCOR Group reported a strong first quarter of fiscal 2024, ended March 31, 2024. Revenues rose 18.7% year over year to $3.43 billion, and net income more than doubled to $197.1 million, or $4.17 per diluted share, up from $2.32. Operating income increased to $260.0 million, a 7.6% margin versus 5.4% a year earlier. Growth was led by the Electrical Construction segment, with revenue up 18.6% and a 12.0% operating margin, and the Mechanical Construction segment, with 32.4% organic growth and a record first-quarter operating margin of 10.6%. Industrial Services also reported its best quarter since the pandemic. Remaining performance obligations reached a record $9.18 billion, up 16.5%, which management cites as support for near-term visibility. Based on these results, management raised full-year 2024 guidance. Revenue is now expected at $14.0 to $14.5 billion, up from $13.5 to $14.0 billion, and diluted EPS at $15.50 to $16.50, up from $14.00 to $15.00. Operating cash flow turned positive at $132.3 million, compared with an outflow of $84.6 million in the prior-year quarter, though this was partly a function of working-capital timing. Management also highlighted capital returns, including $39.0 million of share repurchases, a higher quarterly dividend of $0.18 per share versus $0.15, and four acquisitions disclosed year to date. The results are furnished under Item 2.02, so they are not deemed filed under Section 18 of the Exchange Act. Key risks flagged in the release include labor market tightness, productivity challenges, supply chain and material price volatility, interest rate changes, surety bonding availability, and competition. Investors should weigh the strong earnings momentum and raised guidance against the concentration of growth in a few segments and the sensitivity of margins to project mix and execution.
EMCOR Group 8-K Report, Financial Results (Feb 28, 2024)
EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2023 results, with revenues of $3.44 billion for the quarter (up 16.6% year-over-year) and $12.58 billion for the year (up 13.6%). Full-year diluted EPS was $13.31 on a GAAP basis and $13.34 non-GAAP, excluding a minor $2.4 million long-lived asset impairment. Operating income rose to $875.8 million, a 7.0% margin versus 5.1% in 2022, driven primarily by the U.S. Mechanical Construction segment, which grew revenue 18.2% organically with a 10.5% full-year operating margin. Remaining performance obligations reached a record $8.85 billion, up 18.6%, which management cites as visibility into 2024. Management guided 2024 revenues of $13.5 billion to $14.0 billion and diluted EPS of $14.00 to $15.00, implying continued growth. The company also approved a quarterly dividend increase to $0.25 per share from $0.18, starting in the second quarter of 2024, a roughly 39% raise. Cash flow from operations was strong at $899.7 million, up from $497.9 million, and year-end cash rose to $789.8 million while long-term debt was largely repaid. Investors should weigh the strong growth and margin expansion against the working capital build: contract liabilities and receivables both rose sharply, and the company noted macroeconomic headwinds and execution risks. Management also signaled several pending acquisitions, which could add to capital deployment and integration risk in 2024.
EMCOR Group 8-K Report, Material Agreement (Dec 21, 2023)
EMCOR Group, Inc. (EME) announced on December 21, 2023, that it has entered into a Seventh Amended and Restated Credit Agreement, effective December 20, 2023. This agreement restates and amends their previous credit facility, establishing a new $1.30 billion five-year revolving credit facility. This updated facility provides increased financial flexibility, allowing for potential expansion up to an additional $900 million or a percentage of Adjusted EBITDA, depending on lender participation. The maturity date for borrowings under this new agreement is December 20, 2028. The restated credit agreement includes customary financial covenants and is secured by substantially all of the Company's and its U.S. subsidiaries' assets. The interest rates are variable, depending on the Company's Leverage Ratio, ranging from 1.125% to 1.875% over SOFR or 0.125% to 0.875% over the base rate. This refinancing enhances EMCOR's borrowing capacity and financial structure, supporting its ongoing operations and strategic initiatives.
EMCOR Group 8-K Report, Executive Changes (Dec 15, 2023)
EMCOR Group (NYSE: EME) disclosed a planned leadership realignment in this 8-K filed December 15, 2023. CFO Mark A. Pompa, who has served as EVP and CFO since 2006 and has been with the company roughly 30 years, will step down effective April 1, 2024. He will be succeeded by Jason R. Nalbandian, currently SVP and Chief Accounting Officer, who will also keep his CAO responsibilities. Separately, R. Kevin Matz, EVP-Shared Services, will depart on the same date, and his responsibilities will be reallocated across the executive team, including new Investor Relations VP Andrew G. Backman. For investors, this is primarily an orderly succession rather than a signal of operational trouble. The filing states that Pompa's departure involves no disagreement with auditors or management on accounting, reporting, or internal controls. Nalbandian is an internal promotion with roughly a decade at EMCOR and a background in accounting and assurance, and the CEO framed the move as part of a planned succession process. The filing itself contains no financial results or guidance changes. The main items to monitor are execution risk during the roughly 3.5-month transition window, continuity in capital allocation and financial reporting (areas Pompa is credited with building), and whether Nalbandian's combined CFO and CAO role creates bandwidth or internal-control considerations that the company addresses in future filings. The filing does not disclose new compensation arrangements for the incoming CFO.
EMCOR Group 8-K Report, Financial Results (Oct 26, 2023)
EMCOR Group (NYSE: EME) reported record third-quarter 2023 results, with revenues of $3.21 billion, up 13.5% year over year (12.8% organic), and record remaining performance obligations (RPO) of $8.64 billion, up 21.6%. GAAP diluted EPS was $3.57 and non-GAAP diluted EPS was $3.61 after excluding a $2.4 million ($1.7 million after-tax) long-lived asset impairment charge. Operating income was $235.0 million (7.3% margin), or $237.3 million (7.4%) excluding the impairment. Growth was led by double-digit gains in the U.S. Mechanical Construction (+19.9%), U.S. Building Services (+13.7%), and U.S. Electrical Construction (+10.1%) segments, with demand cited from semiconductors, data centers, manufacturing re-shoring, healthcare, EV supply chains, and fire and life safety projects. Based on year-to-date performance, management raised full-year 2023 guidance. Revenue is now expected at approximately $12.5 billion, the top of the prior $12.0–$12.5 billion range, and non-GAAP diluted EPS guidance rose to $12.25–$12.65 from $10.75–$11.25. For the first nine months, revenue was $9.14 billion (up 12.5%), and GAAP diluted EPS was $8.85. Operating cash flow was $475.9 million, up from $238.4 million a year earlier, and the balance sheet showed cash of $523.6 million and long-term debt and finance lease liabilities of roughly $97.5 million after $142.8 million of debt repayments. Management also highlighted ongoing share repurchases ($105.3 million in the nine months) and dividends, while noting macroeconomic uncertainty from geopolitical tensions and tighter financing conditions. This 8-K was furnished under Item 2.02 (Results of Operations and Financial Condition) and attaches the earnings press release as Exhibit 99.1. Because the information is furnished rather than filed, it is not subject to Section 18 liability unless specifically incorporated by reference. The quarter's results were broadly strong, but investors should note that the impairment charge was small, the working capital build (receivables and contract liabilities) is significant, and the guidance raise depends on sustaining momentum in the fourth quarter.
EMCOR Group 8-K Report, Financial Results (Jul 27, 2023)
EMCOR Group (NYSE: EME) reported record second-quarter 2023 results, with revenue of $3.05 billion, up 12.5% year-over-year (11.0% organic), and diluted EPS of $2.95, up 48.2% from $1.99. Operating income rose to $196.7 million, a 6.5% operating margin versus 5.1% a year earlier, a 140 basis point expansion. Net income was $140.6 million. Growth was broad-based, led by U.S. Electrical Construction (revenue up 20.2%) and U.S. Mechanical Construction (organic revenue up 12.9%, operating margin of 10.0%), with U.S. Building Services also strong (revenue up 12.9%, margin 6.0%). The U.K. Building Services segment remained a weak spot, with revenue down about 7% year-over-year. Remaining performance obligations (RPO) reached a record $8.29 billion, up 28.2% year-over-year, driven mainly by high-tech manufacturing, semiconductor, data center, network and communications, and EV-related projects. This backlog growth gives visibility into future revenue. Management raised full-year 2023 diluted EPS guidance to $10.75–$11.25 from $9.25–$10.00, while keeping revenue guidance at $12.0–$12.5 billion. Capital returned to shareholders was significant in the first half, with $105.3 million in share repurchases and $15.7 million in dividends, and cash rose to $503.1 million. Investors should note that working capital absorbed cash, with operating cash flow of $214.9 million for the six months, and that the company continues to face supply chain and inflationary pressures.
EMCOR Group 8-K Report, Rights Modification (Jun 9, 2023)
EMCOR Group, Inc. (EME) filed an 8-K on June 9, 2023, detailing key outcomes from its 2023 Annual Meeting of Stockholders. The primary focus of the filing is the approval of several amendments to the Company's Restated Certificate of Incorporation. These amendments, recommended by the Board of Directors and approved by stockholders, grant the Board greater authority in determining its size, provide exculpation for certain officers as permitted by Delaware law, and establish an exclusive forum for specific legal claims against the company. These changes are designed to enhance corporate governance and protect the company and its officers from certain liabilities. Additionally, the filing reports the results of various shareholder votes. All incumbent directors standing for election were re-elected, indicating continued shareholder confidence in the current leadership. The compensation of named executive officers received a non-binding advisory approval, and shareholders overwhelmingly supported holding this "say-on-pay" vote annually. The appointment of Ernst & Young LLP as the independent auditor was also ratified. Notably, a shareholder proposal advocating for a separate Chair of the Board and CEO was not approved, suggesting shareholder support for the current leadership structure.
EMCOR Group 8-K Report, Material Agreement (Apr 28, 2023)
EMCOR Group (NYSE: EME) reported record first-quarter 2023 results on April 27, 2023, with revenues of $2.89 billion, up 11.5% year-over-year, of which 10.1% was organic. Diluted EPS rose 66.9% to $2.32 from $1.39, and net income was $111.5 million. Operating income increased to $154.9 million, or 5.4% of revenues, up from 3.9% a year earlier, a 150 basis point margin expansion. Growth was led by U.S. Electrical Construction (revenue up 23.5%) and U.S. Building Services (up 14.1%), while the U.K. Building Services segment declined on recessionary pressure and foreign exchange headwinds. Remaining performance obligations (RPO) reached a record $7.87 billion, up 32.3% year-over-year, which management cited as evidence of strong near-term visibility. Based on year-to-date performance and current conditions, EMCOR raised its full-year 2023 diluted EPS guidance to $9.25–$10.00 from $8.75–$9.50, and maintained its revenue guidance of $12.0–$12.5 billion. On the balance sheet side, the company entered into a First Amendment to its Sixth Amended and Restated Credit Agreement with Bank of Montreal as agent. The amendment transitions the interest rate basis from LIBOR to Term SOFR plus a 0.10% credit spread adjustment, with margins of 1.00% to 1.75% based on financial tests. Operating cash flow was negative $84.6 million in the quarter, driven by working capital investment, and the company drew $100 million on its revolver. Investors should monitor whether the working capital build reverses in coming quarters.
EMCOR Group 8-K Report, Financial Results (Feb 23, 2023)
EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2022 results, with Q4 revenue of $2.95 billion (up 11.7% year-over-year) and full-year revenue of $11.08 billion (up 11.8%). Q4 diluted EPS was $2.63 versus $1.89 a year earlier, and full-year diluted EPS was $8.10 versus $7.06. Operating margin was 6.0% in Q4 and 5.1% for the full year, the latter down from 5.4% in 2021, reflecting supply chain disruption and inflationary pressure. Remaining performance obligations (RPO) reached a record $7.46 billion, up 33.2% year-over-year, which gives management good visibility into 2023 activity. Management guided 2023 revenue to $12.0-$12.5 billion and diluted EPS to $8.75-$9.50, implying continued top-line growth and higher earnings. The Board also raised the quarterly dividend 20% to $0.18 from $0.15 per share, starting in Q2 2023. Full-year 2022 cash flow from operations was $497.9 million, but share repurchases of $660.6 million drew cash down to $456.4 million, a figure investors should weigh against the company's capital allocation priorities. Organic revenue growth was 10.3% for the full year, so most of the growth came from the core business rather than acquisitions. Segment performance was uneven: U.S. Mechanical and U.S. Building Services delivered strong margins, U.S. Electrical improved through the year, and U.S. Industrial Services returned to growth after a weak 2021. Overall, the filing points to strong demand and a solid balance sheet, with margin pressure and working capital growth as the main items to monitor.
EMCOR Group 8-K Report, Executive Changes (Dec 15, 2022)
EMCOR Group's December 2022 8-K reports two governance changes, neither of which signals a change in financial results, guidance, or strategy. On December 14, 2022, the Board elected Rebecca A. Weyenberg, 59, as a director, effective that day. She is the Chief Financial Officer of Astec Industries (NASDAQ: ASTE) and brings finance, manufacturing, and acquisition-evaluation experience. Her director compensation includes a prorated $85,000 restricted stock unit award under the Company's Director Award Program, and she has entered into the Company's standard indemnification agreement. The same day, the Board elected Jason R. Nalbandian, 35, as Senior Vice President and Chief Accounting Officer, effective January 1, 2023. He has served as Vice President and Chief Accounting Officer since January 1, 2022, and previously served as Controller from 2019 to 2021. The promotion reflects an internal succession within the finance organization, and the filing discloses no change to his compensation. The filing also furnishes a press release dated December 15, 2022 announcing Ms. Weyenberg's appointment, which is furnished under Item 7.01 and not deemed filed under Section 18 of the Exchange Act. For investors, the filing is largely routine. The main points to note are the expansion of the board with a finance executive from a peer-adjacent industrial company and the planned internal promotion of the Chief Accounting Officer.
EMCOR Group 8-K Report, Financial Results (Oct 27, 2022)
EMCOR Group (NYSE: EME) reported record third quarter 2022 results on October 27, 2022, with revenues of $2.83 billion, up 12.1% year-over-year (10.8% organic), and diluted EPS of $2.16 versus $1.85 a year earlier. Net income rose to $105.8 million, but operating margin was 5.3% versus 5.4% a year ago, as SG&A leverage (9.3% of revenue vs. 9.7%) only partly offset gross margin pressure. Management cited supply chain challenges and project mix as drags on U.S. Electrical Construction margins, while U.S. Building Services grew nearly 14% and expanded operating margin to 6.4%. The company raised its full-year 2022 guidance: revenue to approximately $11.0 billion (from $10.8 billion) and diluted EPS to $7.60–$7.85 (from $7.30–$7.80). Remaining performance obligations reached a record $7.10 billion, up 32.0% year-over-year, providing strong visibility into future revenue, with particular strength in data center, semiconductor, and fire protection awards. Capital allocation remained shareholder-focused, with approximately $677 million returned through buybacks and dividends year-to-date, and $91.1 million spent on acquisitions, including Gaston Electrical Co. For investors, the key watch items are margin execution in the electrical segment, working capital build (receivables and contract liabilities both rose sharply), and the reduction in cash balance to $404 million alongside a new $170 million revolver draw.
EMCOR Group 8-K Report, Bylaw Amendment (Oct 26, 2022)
EMCOR Group, Inc. (EME) announced on October 26, 2022, that its Board of Directors has adopted Second Amended and Restated By-Laws, effective immediately. These changes primarily focus on modernizing corporate governance procedures, enhancing flexibility in shareholder communications and meetings, and refining the process for director nominations and shareholder proposals. Key amendments include allowing for virtual-only shareholder meetings, permitting electronic notice and proxy submissions, and expanding the disclosures required from shareholders seeking to nominate directors or propose business. The by-laws also update director qualifications, clarify the roles of the Chairman and Lead Director, and streamline officer removal processes. Investors should note these changes are largely procedural and aimed at aligning with current best practices and regulatory requirements, such as the Universal Proxy Rules, to ensure efficient and compliant corporate operations.
EMCOR Group 8-K Report, Financial Results (Jul 28, 2022)
EMCOR Group (NYSE: EME) reported record second-quarter 2022 results, with revenues of $2.71 billion, up 11.1% year-over-year (9.7% organic), and diluted EPS of $1.99 versus $1.78 a year earlier. Operating margin was 5.1%, down from 5.5% in the prior-year quarter, though management highlighted a sequential improvement from the first quarter. Remaining performance obligations (backlog) reached a record $6.46 billion, up 26.5% year-over-year, supporting visibility into future revenue. U.S. Construction and U.S. Building Services delivered double-digit growth, while U.S. Industrial Services benefited from high utilization among downstream customers. Management raised full-year 2022 revenue guidance to approximately $10.8 billion (from $10.4–$10.7 billion) and narrowed the diluted EPS range to $7.30–$7.80 (from $7.15–$7.85), with the EPS low end raised and the high end lowered. The company also signaled continued capital return: the board approved a new $500 million share repurchase authorization and raised the quarterly dividend to $0.15 from $0.13 per share, beginning in Q3 2022. Year-to-date, the company repurchased $454 million of stock versus $138 million in the prior-year period, which substantially reduced cash to $262 million at June 30, 2022 from $821 million at year-end 2021. Investors should weigh the strong top-line growth, record backlog, and shareholder returns against thinner operating margins, negative operating cash flow for the first half ($18.9 million used), and management's ongoing caution about supply chain disruptions, COVID-related risks, and the macroeconomic environment.
EMCOR Group 8-K Report, Shareholder Vote Results (Jun 3, 2022)
EMCOR Group, Inc. (EME) filed an 8-K on June 3, 2022, detailing the outcomes of its 2022 Annual Meeting of Stockholders held on June 2, 2022. The report indicates strong support from shareholders on key governance matters, including the re-election of all nine incumbent directors and the approval of executive compensation on an advisory basis. Additionally, the appointment of Ernst & Young LLP as the independent auditor for 2022 was ratified with overwhelming support, demonstrating continued confidence in the company's financial oversight and reporting practices. A notable outcome was the rejection of a stockholder proposal that sought to lower the threshold for calling special meetings to 10% of common stock. This proposal did not receive majority support, suggesting that the current governance structure and existing mechanisms for shareholder engagement are largely favored by the company's investors. Overall, the filing signals a stable and supportive shareholder base for EMCOR's leadership and established corporate governance procedures.
EMCOR Group 8-K Report, Financial Results (Apr 28, 2022)
EMCOR Group (NYSE: EME) reported first quarter 2022 results with record revenue of $2.59 billion, up 12.5% year-over-year (10.4% organic), led by double-digit growth in U.S. Electrical Construction, U.S. Building Services, and U.S. Industrial Services. Diluted EPS was $1.39, down from $1.54 a year earlier, as operating margin contracted to 3.9% from 5.1% due to supply chain disruptions, COVID-related labor impacts (Omicron), and rising energy costs exacerbated by the Ukraine crisis. Operating income fell to $100.0 million from $117.0 million, and SG&A rose to 9.7% of revenue in line with the prior year, though absolute SG&A increased 12.7%. Backlog strength was a key positive: remaining performance obligations reached a record $5.95 billion, up 24.7% year-over-year, providing revenue visibility. Management reaffirmed full-year 2022 guidance of $10.4-$10.7 billion in revenue and $7.15-$7.85 in diluted EPS. The Board also authorized a new $200 million share repurchase program, funded from operations, on top of roughly $88.7 million remaining under prior authorizations as of April 22, 2022. Capital allocation shifted notably in the quarter: the company repurchased $181.8 million of stock versus $12.9 million a year earlier, which contributed to a decline in cash to $514.5 million from $821.3 million at year-end 2021. Operating cash flow was negative at $(95.8) million, driven by a $199.5 million working capital build in receivables and contract assets, a seasonal pattern that investors should monitor against full-year cash generation.
EMCOR Group 8-K Report, Financial Results (Feb 24, 2022)
EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2021 results on February 24, 2022. Full-year revenues rose 12.6% to $9.90 billion, and diluted EPS increased to $7.06 from $2.40 in 2020. Comparing against non-GAAP figures that exclude the 2020 $232.8 million impairment, full-year diluted EPS grew about 10% from $6.40 and operating income grew about 8% from $489.6 million. Fourth-quarter revenue grew 15.7% to $2.64 billion, and diluted EPS was $1.89 versus $1.86 non-GAAP in the prior-year quarter. Operating margin was 5.4% for both the quarter and the year, down from 6.0% in Q4 2020 and 5.6% non-GAAP for full-year 2020, so margin expansion was not a driver of growth. The most important forward-looking signal is remaining performance obligations (RPO), which reached a record $5.60 billion, up 21.9% year-over-year. This backlog supports management's view of visibility into 2022. EMCOR guided full-year 2022 revenue to $10.4-$10.7 billion and diluted EPS to $7.15-$7.85, both contingent on COVID-19 and supply chain disruptions not worsening. Segment performance was strong across U.S. mechanical, electrical, and building services, while the U.S. Industrial Services segment returned to growth with a sharp rebound in Q4. Balance sheet and capital allocation were also notable. Cash was $821 million at year-end, and the company repurchased $196 million of stock and paid $28 million in dividends during 2021. Operating cash flow fell to $319 million from $806 million, largely due to a $208 million working-capital outflow, with accounts receivable and contract assets rising. Investors should watch working-capital intensity and margin execution as the company pursues growth in 2022.
EMCOR Group 8-K Report, Financial Results (Oct 28, 2021)
EMCOR Group (NYSE: EME) reported record third quarter 2021 results on October 28, 2021, with revenues of $2.52 billion, up 14.5% year-over-year, and record diluted EPS of $1.85 versus $1.11 in the prior-year quarter (which was depressed by an impairment-related tax effect; non-GAAP EPS was $1.76). Growth was broad-based: the U.S. Construction segments posted combined record revenues up 12.0%, U.S. Building Services grew revenues 13.6% but saw margins pressured by supply chain disruption, fuel costs and tough comparisons, and U.S. Industrial Services revenue rose 35.4% as it recovered from the pandemic. Remaining performance obligations reached a record $5.38 billion, up 18.7%, supporting visibility into future work. GAAP operating margin for the quarter was 5.4%, down from 6.2% a year earlier, reflecting the margin pressure noted above. Management raised full-year 2021 guidance: revenue to $9.80-$9.85 billion (from about $9.5 billion) and diluted EPS to $6.95-$7.15 (from $6.65-$7.05). The Board also authorized an additional $300 million share repurchase program, funded from operations, on top of the $200 million program launched in March 2020 under which $137.3 million had already been repurchased as of September 30, 2021. Nine-month cash flow from operations was $113.9 million, well below $546.8 million in the prior-year period, largely due to a $263.6 million working capital outflow, though the company ended the quarter with $663.9 million in cash and modest debt of roughly $276 million. Investors should weigh the strong top-line growth, record backlog and raised guidance against thinner margins, supply chain and cost headwinds, and the sharp year-to-date decline in operating cash flow, which the company's buyback expansion relies on continued cash generation.
EMCOR Group 8-K Report, Financial Results (Jul 29, 2021)
EMCOR Group (NYSE: EME) reported record second-quarter 2021 results, with revenue of $2.44 billion, up 21.0% year-over-year (18.4% of which was organic), and diluted EPS of $1.78 versus a GAAP loss of $(1.52) in the prior-year period. The prior-year comparison was distorted by a $232.8 million pre-tax impairment charge tied to U.S. Industrial Services; excluding it, non-GAAP diluted EPS rose from $1.44 to $1.78, and non-GAAP operating income grew from $110.1 million to $133.4 million, with operating margin steady at 5.5%. Growth was broad-based, led by the U.S. Construction segments (combined revenue up 20.6%, operating income up 23.7%), U.S. Building Services (revenue up 30.4%), and U.K. Building Services (revenue up 39.5%, partly helped by favorable FX). U.S. Industrial Services remained weak, with an operating loss of $0.2 million in the quarter. Remaining performance obligations reached a record $5.11 billion, up 11.2% year-over-year, supporting management's view of resilient demand. Based on first-half results and improved visibility, EMCOR raised its full-year 2021 revenue guidance to approximately $9.5 billion (from $9.2–$9.4 billion) and diluted EPS guidance to $6.65–$7.05 (from $6.35–$6.75). Management also reiterated a balanced capital allocation approach that includes organic investment, acquisitions, share repurchases, and dividends. Investors should note that first-half operating cash flow was negative $7.0 million, compared with $276.7 million a year earlier, driven by a $254.0 million working capital outflow, largely from higher receivables. The company repurchased $138.0 million of stock in the first half and ended the quarter with $668.9 million of cash. Its balance sheet remains healthy, with long-term debt and finance lease liabilities of about $260 million.
EMCOR Group 8-K Report, Executive Changes (Jun 11, 2021)
EMCOR Group, Inc. (EME) filed an 8-K on June 11, 2021, primarily detailing the outcomes of its 2021 Annual Meeting of Stockholders. A key event was the retirement of director Richard F. Hamm, consistent with the company's term limit policy. The meeting also saw strong shareholder support for the re-election of all incumbent directors and the ratification of Ernst & Young LLP as the independent auditor for 2021, both passing with overwhelming majority votes. Furthermore, shareholders provided a non-binding advisory approval for the compensation of named executive officers. However, a significant outcome was the rejection of a shareholder proposal seeking to enable stockholder action by written consent, indicating a preference for maintaining the current meeting-based decision-making process. Overall, the filing reflects shareholder confidence in the current board and auditing firm, while also signaling a desire to retain traditional governance procedures.
EMCOR Group 8-K Report, Financial Results (Apr 29, 2021)
EMCOR Group reported first quarter 2021 results that beat its own profitability targets despite flat revenue. Revenue was a record $2.30 billion, up just 0.2% year over year, while operating income rose 10.4% to $117.0 million and the operating margin expanded 50 basis points to 5.1%. Net income attributable to EMCOR was $84.8 million, or $1.54 per diluted share, a 14.1% increase from $1.35. Growth was concentrated in the U.S. Mechanical Construction segment (operating income up 43.8%), U.S. Building Services (up 38.0%), and U.K. Building Services (up 63.3%). These gains offset a sharp decline in U.S. Industrial Services, which swung to a $2.4 million operating loss as the February 2021 Texas freeze disrupted turnaround work. Management raised its full-year 2021 diluted EPS guidance to $6.35 to $6.75, from $6.20 to $6.70, and kept revenue guidance at $9.2 to $9.4 billion. Remaining performance obligations reached a record $4.78 billion, up 7.9% year over year, which supports visibility into future revenue. The main caution is cash flow: operating cash flow was negative $89.0 million, and cash and equivalents fell to $758.8 million from $902.9 million at year-end 2020, driven by working capital needs such as a $204 million build in operating assets and liabilities. Capital returns continued, with the quarterly dividend declared at $0.13 per share (up from $0.08) and $12.9 million of share repurchases. Investors should view the quarter as strong on earnings and backlog, with the EPS guidance increase signaling confidence. The key items to monitor are whether working capital and cash conversion normalize, whether U.S. Industrial Services recovers as market conditions improve, and whether the strong mechanical and building services momentum holds through the rest of the year.
EMCOR Group 8-K Report, Financial Results (Feb 25, 2021)
EMCOR Group reported fourth-quarter and full-year 2020 results that show a company under pressure from the pandemic but with strong cash generation and a constructive 2021 outlook. Q4 revenue was $2.28 billion, down 5.1% year over year, and Q4 GAAP diluted EPS was $1.45 versus $1.54 in the prior year. Full-year revenue fell 4.1% to $8.80 billion. Full-year GAAP diluted EPS was $2.40, which includes a $232.8 million non-cash impairment charge in Q2 2020, primarily tied to the U.S. Industrial Services segment. Excluding the impairment and its tax effect, non-GAAP diluted EPS was $6.40, compared with $5.75 in 2019. Investors should note that the non-GAAP figures exclude a material charge, so GAAP results are the more conservative baseline. The quality of the results is more mixed than the headline non-GAAP EPS suggests. The U.S. Mechanical Construction segment drove profitability, with Q4 operating income up 45.7% and an operating margin of 10.4%. U.S. Building Services and U.K. Building Services also grew operating income in Q4. U.S. Industrial Services remains weak, with Q4 revenue of $135.5 million, down from $299.3 million, and an operating loss of $8.2 million. Management expects demand to recover in late 2021. Operating cash flow was a standout at $806.4 million, up 126.7%, which helped cash and equivalents rise to $902.9 million from $358.8 million. Remaining performance obligations reached a record $4.59 billion, up 13.8%, supporting revenue visibility. For 2021, EMCOR guided to revenue of $9.2 billion to $9.4 billion and diluted EPS of $6.20 to $6.70, assuming gradual improvement in market conditions. The company also repurchased $112.6 million of common stock in 2020 and continued its $0.08 quarterly dividend. Management emphasized a balanced capital allocation approach across organic investment, acquisitions, and shareholder returns. The guidance implies a recovery in revenue and earnings, but execution risk remains in Industrial Services and in the broader pandemic-affected environment.
EMCOR Group 8-K Report, Executive Changes (Feb 24, 2021)
EMCOR Group, Inc. (NYSE: EME) filed a Form 8-K on February 24, 2021 to disclose the Board of Directors' election of Major General (U.S. Army, Retired) Ronald L. Johnson as a new director, effective March 1, 2021. The filing is administrative in nature and does not contain financial results, guidance, or changes to the company's operations, capital structure, or strategy. Under Item 5.02, the filing discloses Johnson's compensation package. He will receive restricted stock units worth a prorated $42,500 under the Company's Director Award Program, with the share count set by the closing price on the effective date. He will also be paid under the standard non-employee director compensation policy described in the 2020 proxy statement and has entered into the company's standard indemnification agreement. Both the RSU agreement and the indemnification agreement are substantially similar to forms previously filed with the 2019 Form 10-K. Johnson brings a background in engineering, strategic leadership, and military operations, including 32 years in the U.S. Army (where he was Deputy Chief of Engineers) and current roles at Georgia Tech's H. Milton Stewart School of Industrial and Systems Engineering. The Chairman and CEO, Anthony J. Guzzi, said his expertise will support EMCOR's growth and long-term shareholder value. The press release is furnished under Item 7.01 (Regulation FD) and is not deemed filed under the Exchange Act. For investors, this is a low-impact governance event that adds an experienced director with engineering and operational expertise relevant to EMCOR's mechanical and electrical construction business.
EMCOR Group 8-K Report, Financial Results (Oct 29, 2020)
EMCOR Group reported third-quarter 2020 results that were weaker on the top line but stronger on profitability and cash generation. Revenue fell 3.8% year-over-year to $2.20 billion, driven by a 40% revenue decline in U.S. Industrial Services, which swung to a $9.8 million operating loss. Operating income rose to a record $135.9 million, a 6.2% margin versus 5.1% a year earlier, and operating cash flow grew 23.3% to a record $270.1 million for the quarter. GAAP diluted EPS was $1.11, reflecting a second-quarter impairment charge and its tax effect, while non-GAAP diluted EPS was $1.76 versus $1.45 in the prior-year period. Remaining performance obligations (backlog) reached $4.53 billion, up about 12.3% ($495.1 million) year-over-year, which management cites as evidence of demand resilience. The U.S. Construction segments posted 34.0% combined operating income growth with a record 9.1% margin, and U.K. Building Services grew revenue 12.7%. Balance sheet liquidity improved, with cash of $679.3 million at September 30, 2020, up from $358.8 million at year-end 2019, while the company repurchased $99.0 million of stock in the first nine months. Management raised full-year 2020 non-GAAP diluted EPS guidance to $5.90-$6.10 from $5.00-$5.50 and set revenue guidance at approximately $8.7 billion. Investors should note that the guidance raise is based on non-GAAP measures and that the nine-month GAAP EPS of $0.96 is heavily affected by the $232.8 million impairment, which reduced goodwill from $1.06 billion to $847 million. Management also states that visibility remains low given ongoing COVID-19 effects.
EMCOR Group 8-K Report, Financial Results (Aug 3, 2020)
EMCOR Group (NYSE: EME) reported fiscal Q2 2020 results that were dominated by a non-cash impairment charge. Revenue fell 13.3% year-over-year to $2.01 billion, and the company posted a GAAP operating loss of $122.6 million (operating margin of (6.1)%) after $232.8 million of pre-tax goodwill, intangible and long-lived asset impairments, mainly in the U.S. Industrial Services segment. GAAP diluted EPS was $(1.52), while non-GAAP diluted EPS excluding the impairment was $1.44 versus $1.49 a year earlier. Excluding the charge, non-GAAP operating margin held at 5.5%, supported by strong U.S. Mechanical Construction results (operating income up 24.1%, margin 8.5%) and disciplined SG&A control. Cash generation was the standout positive. Operating cash flow for the first six months of 2020 reached a record $276.7 million, an improvement of more than $300 million over the prior year period, and the company repurchased $99.0 million of common stock in the half. Remaining performance obligations rose 8.6% year-over-year to $4.59 billion, which management cites as evidence of underlying demand despite COVID-19 disruption. Liquidity improved, with cash of $481.4 million at June 30, 2020, and goodwill fell sharply to $839.8 million following the impairment. Management reinstated full-year 2020 guidance of $8.6–$8.7 billion in revenue and non-GAAP diluted EPS of $5.00–$5.50. The guidance is explicitly contingent on the operating environment remaining relatively stable and on no widespread shutdowns like those seen earlier in 2020. Management also said it does not expect meaningful improvement in U.S. Industrial Services for the rest of the year, so investors should watch that segment closely.
EMCOR Group 8-K Report, Executive Changes (Jun 12, 2020)
EMCOR Group, Inc. filed an 8-K on June 12, 2020, detailing key outcomes from its 2020 Annual Meeting of Stockholders. A significant event was the approval of an Amended and Restated 2010 Incentive Plan. This amendment extends the plan's term by five years to June 11, 2025, and introduces a $425,000 annual compensation limit for non-employee directors. Notably, the ability to grant new stock options or stock appreciation rights has been temporarily suspended under this amended plan until further modifications are made. In addition to the incentive plan, the company announced the retirement of director David A. B. Brown. Stockholders also re-elected all incumbent directors, approved the company's auditor (Ernst & Young LLP), and ratified the executive compensation. However, a stockholder proposal to allow actions by written consent was not approved. These events provide insight into the company's governance and compensation practices.
EMCOR Group 8-K Report, Financial Results (Apr 30, 2020)
EMCOR Group (NYSE: EME) reported record first-quarter 2020 revenues of $2.30 billion, up 6.5% year-over-year (about 2.7% organic), along with record first-quarter operating income of $106.0 million, net income of $75.7 million, and diluted EPS of $1.35, up 5.5%. Total remaining performance obligations (RPO) reached a record $4.42 billion, up 6.4%, which supports revenue visibility. Growth was led by U.S. Mechanical Construction and U.S. Industrial Services, while U.S. Building Services grew only 1.2% and faced the most disruption from COVID-19 as customer facilities closed or partially closed. Operating margin slipped to 4.6% from 4.7%, and SG&A rose to 9.9% of revenue from 9.6%. Management warned that COVID-19 disruptions began late in the quarter and are expected to continue into the second quarter and possibly the third. Cash flow was weak in the period: operating cash flow was negative $78.8 million, driven by a $191.3 million working capital build. The company repurchased $99.0 million of stock and ended the quarter with $347.1 million in cash. Revolver borrowings rose to $200 million from $50 million at year-end, and long-term debt increased to $294.2 million after a $300 million issuance. Management emphasized a liquid balance sheet and access to capital through its recently amended and extended credit facility. This 8-K furnishes the earnings press release under Item 2.02 and is not deemed filed for Section 18 purposes. The release is the primary source for the quarter's results and forward commentary.
EMCOR Group 8-K Report, Financial Results (Apr 21, 2020)
EMCOR Group (NYSE: EME) announced preliminary first-quarter 2020 results on April 21, 2020, reporting revenues of approximately $2.3 billion, up 6.5% year-over-year, and expected net income of about $75.7 million, or $1.35 per diluted share, versus $72.4 million, or $1.28 per diluted share, in the prior-year quarter. Growth was led by double-digit gains in the U.S. mechanical construction and facilities services segment and the U.S. industrial services segment, indicating the business was performing well before COVID-19 disruptions fully took hold. The more consequential news for investors is the company's withdrawal of its full-year 2020 guidance due to economic uncertainty from COVID-19. Management said it is operating at roughly 70-80% of capacity, with productivity affected by metropolitan work stoppages and customer site closures, particularly for smaller projects and technician-based services. Management also cited cost reductions, including reduced executive and director compensation, and characterized the balance sheet as solid and liquid, with strong remaining performance obligations. The filing is a preliminary, unaudited earnings release furnished under Item 2.02 and is not deemed filed for Exchange Act liability purposes. Full first-quarter results and a conference call are scheduled for April 30, 2020. Investors should treat the preliminary figures as subject to change and focus on that call for details on the COVID-19 impact, cash flow, and any updated outlook.
EMCOR Group 8-K Report, Agreement Terminated (Mar 3, 2020)
On March 2, 2020, EMCOR Group, Inc. (NYSE: EME) and its UK subsidiary EMCOR Group (UK) plc entered into a Sixth Amended and Restated Credit Agreement with Bank of Montreal as Agent and a syndicate of lenders. The facility provides a $1.3 billion revolving credit line and a $300 million term loan, for a total of $1.6 billion, and replaces the Fifth Amended and Restated Credit Agreement dated August 3, 2016. The new agreement matures March 2, 2025, extending the company's debt maturity profile. The facility is secured by substantially all assets of the company and its subsidiaries and is guaranteed by substantially all subsidiaries. The revolver can be expanded by up to an additional $600 million, subject to lender acceptance. Term loan amortization begins December 31, 2020, at $7.5 million, then steps up to $15 million annually. Borrowing costs are tied to the company's leverage ratio, with LIBOR-based loans priced at 1.00% to 1.75% above Adjusted LIBOR. The rate in effect on March 2, 2020 was 2.58%. In a separate press release issued March 3, 2020, the company announced that its Board authorized an additional $200 million for share repurchases, on top of a prior authorization with roughly $158.5 million remaining as of December 31, 2019. Since the program began in September 2011 through year-end 2019, EMCOR had repurchased 15.9 million shares for about $791.5 million. Management stated that repurchases will be funded from operations and that the program has no expiration date. Management also said the refinancing provides incremental liquidity and greater flexibility to pursue strategic growth opportunities. For investors, the filing shows a financing and capital-return update rather than an operating result. The longer maturity and expanded liquidity reduce near-term refinancing risk. The new buyback authorization signals management's confidence in cash generation. The filing does not include updated financial results, so investors should weigh these developments against the company's operating performance and leverage trends.
EMCOR Group 8-K Report, Financial Results (Feb 27, 2020)
EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2019 results in this 8-K, furnishing its Q4 earnings press release (Exhibit 99.1). Q4 revenue rose 7.8% to $2.40 billion and diluted EPS from continuing operations was $1.54, up from $1.38, with operating income of $122.9 million (5.1% margin). For full-year 2019, revenue grew 12.8% to $9.17 billion (9.3% organic), diluted EPS from continuing operations rose 17.6% to $5.75, and operating cash flow reached $355.7 million, up 31.2%. Remaining performance obligations ended the year at $4.04 billion, up 1.8%, and the company's U.S. construction and building services segments posted strong double-digit growth. The filing also discloses a RYUK ransomware attack detected on February 15, 2020, which led management to shut down certain IT systems and implement business continuity plans. Management says it has found no direct evidence that employee or customer data was taken and states that the financial impact is included in 2020 guidance, though the investigation is ongoing. Investors should monitor for any updates on operational disruption or costs from the incident. For 2020, EMCOR guided to revenue of $9.5 billion to $9.7 billion and diluted EPS from continuing operations of $5.60 to $6.30, assuming current market conditions persist. Management also reiterated a balanced capital allocation strategy that includes acquisitions, share repurchases, and dividends, supported by a healthy balance sheet and $358.8 million in cash at year-end.
EMCOR Group 8-K Report, Exhibit Filing (Nov 1, 2019)
On November 1, 2019, EMCOR Group, Inc. (NYSE: EME) announced via Exhibit 99.1 that it had completed its acquisition of Batchelor & Kimball, Inc. (BKI), a Atlanta-headquartered, full-service provider of commercial and industrial mechanical (HVAC and plumbing) construction and maintenance services founded in 1979. The filing is a Form 8-K under Item 9.01, and the press release is the only exhibit; it does not disclose the purchase price, financing terms, or BKI's financial results, so the financial impact on EMCOR cannot be assessed from this document alone. Strategically, management frames the deal as broadening and enhancing EMCOR's service offerings to customers, and highlights BKI's experienced executive and field management teams, which are expected to be retained. BKI's end markets, including hospitals, laboratories, data centers, schools, airports, and office buildings, complement EMCOR's existing mechanical and electrical construction and building services franchise, and the target's focus on maintenance work may add recurring service revenue alongside project-based construction. Investors should look to EMCOR's subsequent filings, such as its Form 10-Q for the quarter ending September 30, 2019, or later reports, for the purchase consideration, the expected revenue and earnings contribution, and any goodwill or intangibles recognized. The forward-looking statements cite risks including realization of transaction benefits, general economic conditions, surety bonding availability, competition, and labor productivity.
EMCOR Group 8-K Report, Financial Results (Oct 29, 2019)
EMCOR Group (NYSE: EME) reported record third-quarter 2019 results, with revenues of $2.29 billion, up 11.8% year-over-year (8.1% organic), and diluted EPS from continuing operations of $1.45, up 6.6% from $1.36. Operating income rose to $115.7 million, though operating margin contracted to 5.1% from 5.5% a year earlier, reflecting a difficult comparison in U.S. Industrial Services. Year-to-date operating cash flow surged to $176.9 million from $65.9 million, and total remaining performance obligations reached a record $4.04 billion, up 1.6% year-over-year. Management raised full-year 2019 guidance for the third time this year: revenue to $9.0 billion (from $8.8-$8.9 billion) and diluted EPS from continuing operations to $5.65-$5.75 (from $5.50-$5.75). The lower end of the EPS range was raised, signaling growing confidence, though the top of the range was held flat. Growth was led by double-digit revenue increases in U.S. Construction and U.S. Building Services, while U.K. Building Services faced macroeconomic uncertainty. EMCOR also announced an agreement to acquire Batchelor & Kimball, expected to close in the coming weeks, continuing its acquisition-driven growth strategy. Investors should weigh strong top-line momentum and cash generation against thinning operating margins and the tendency of backlog growth to lag revenue growth.
EMCOR Group 8-K Report, Exhibit Filing (Oct 4, 2019)
EMCOR Group, Inc. (NYSE: EME) announced on October 4, 2019 that it has entered into a definitive agreement to acquire Batchelor & Kimball, Inc. (BKI), a full-service U.S. commercial and industrial mechanical construction and maintenance provider headquartered in Atlanta, Georgia, in an all-cash transaction. BKI will be integrated into EMCOR's U.S. Mechanical Construction and Facilities Services segment, adding HVAC and plumbing capabilities across non-residential facilities such as hospitals, laboratories, data centers, schools, and airports, and expanding EMCOR's presence in the South and Southeast. The filing is a press release furnished as Exhibit 99.1 and contains limited financial detail. Management expects the transaction to close by the end of 2019, subject to customary closing conditions and regulatory approvals. For 2020, BKI is projected to contribute approximately $400 million in revenue with nominal diluted EPS accretion, partially offset by amortization of acquired intangible assets. BKI's non-GAAP EBITDA margins are expected to be at the higher end of EMCOR's U.S. Mechanical Construction and Facilities Services subsidiaries. For investors, the key takeaways are the modest near-term earnings impact relative to the revenue contribution and the strategic fit with EMCOR's mechanical services franchise. The filing does not disclose the purchase price, which is a notable omission for assessing valuation, balance sheet effects, and funding sources. Execution risk remains around closing conditions, regulatory approvals, and integration, and the forward-looking EBITDA projections are non-GAAP and not reconciled to GAAP.